Pension Saving – Don’t Delay!

Monday 29th May 2017

The Sunday Times highlights the cost of putting off saving towards your pension. Taking into account the flat rate state pension (just under £160 per week), you need to amass a fund of £360,000 by age 68 in order to have a retirement income of around the national average of £27,000 per year. To accumulate that sum, you need to save £262 per month every year starting at age 25 – but if you don’t start until age 35 and that rises to £437 per month and at age 45 to a massive £794 per month. The message, says the Sunday Times, is start saving early and top up whenever you can.

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